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$4.35 to get your own money – ATM fees surge again

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NEW YORK (CNNMoney) — It’s more expensive than ever to get your hands on your own money.

A customer is slapped with fees when they use an ATM that’s not owned by their bank, and those fees jumped 5% in the past year, according to Bankrate.

On average, a customer is charged a total of $4.35 for each transaction.

People are getting smarter and avoiding out-of-network ATMs as much as they can, said Bankrate’s chief financial analyst Greg McBride. But that’s part of the problem. Banks are hiking fees to make up for the loss.

In the past five years, ATM fees have skyrocketed 23%, McBride said.

And overdraft fees are on the rise for the 16th year in a row, according to the survey of 10 major U.S. banks. On average customers get hit with a $32.74 charge every time they try to withdraw more money than they have in the bank.

Hefty bank fees will probably always be a reality. But the good news, McBride said, is that both “ATM fees and overdraft charges can be avoided completely.”

Bankrate says Milwaukee is has the nation’s second-highest average overdraft fee at nearly $34.50.

Milwaukee’s average out-of-network ATM fee is the fifth-highest out of 25 large markets at $4.66.

3 comments

  • Mama Sarno

    I think this really stinks…Most jobs require direct deposit. Even if they didn’t you can’t just go to the bank that the check draws from an cash it (I tried that and well not without 2 forms of picture ID). You could go to a check cashing place but that’s the same as paying the bank fees.

    • Mel

      They need the ID because they do sooo much about identity theft right? Wrong! I and others close to me have been victims and police do not even bother to take a report, let alone listen. They consider it a nonpriority, unless you’re super rich. You know what the id’s are for? To track down every cent that we spend/possess and what we buy with it. Sick. They are watching us like hawks and herding the poor and middle class toward a cliff, that way they make sure they keep us exactly where they want us. Dirt poor and seemingly powerless.

  • Mel

    How much money can the government let businesses soak from the poor!? GREED. I know of TCF Bank that charges $5 a day if you are overdrafted a few cents, plus charging the $37 for the original overdraft. For people that are on SS and living paycheck to paycheck this is an absolute disaster. Why are they letting banks get away with this? Because the fatcats run the government. This is also why we have seen income tax hikes on us hard working poor. No loger is ours a democracy, or a democratic republic but a greedy, elitist corporate oligarchy. They will bleed us middle and lower class till we die off. And all the extra expense they burden us with but then say “you takers don’t need foodshare or medicaid. Cause you are just lazy.” Yeah because ObamaCare is sooo affordable, $1200 a month for a family of two, no dental care providers for badgercare, cutting foodshare to people in need and now the greedy bankers raking us dry with fees they should tax the rich with to make up for subsidizing their fellow super rich tax and profit shortfalls. Hey rich, you know there’s more of us than you? Hmmm……

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